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ORDINANCE NO. 84-83
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $155,000
<br />bonds of the City of Lakewood, Ohio, for the purpose of paying the
<br />property owners' portion, in anticipation of the levy and collection of
<br />special assessments of the cost of improving the municipal easement de-
<br />scribed in Resolution No. 5674, duly adopted by the City Council on
<br />April 5, 1982, by constructing thereon a concrete breakwall with con-
<br />crete modules, fill and end returns.
<br />
<br /> WHEREAS, there are presently outstanding notes issued in an-
<br />ticipation of the issuance of bonds in the principal amount of $165,000,
<br />which notes are dated July 1, 1983, and will mature on or before July 1,
<br />1984, and were issued to retire bond anticipation notes first issued in
<br />1982; and
<br />
<br /> WHEREAS, this Council has determined it necessary to issue
<br />the bonds herein authorized to provide funds to retire the presently
<br />outstanding bond anticipation notes at maturity; and
<br />
<br /> WHEREAS, the amount of $10,000 is now available to apply
<br />against the principal of the outstanding notes and that after the appli-
<br />cation of said $10,000 to the payment thereof, the remaining outstand-
<br />ing principal of said notes (to-wit S155,000) shall be funded by the
<br />proceeds of the sale of the bonds; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to the maximum maturity of the bonds proposed to be issued
<br />and as to the estimated life of the improvements so constructed; and
<br />
<br /> WHEREAS, this Council by two-thirds (2/3) vote of the members
<br />elected thereto determines that this ordinance is an emergency measure
<br />which is necessary for the immediate preservation of the public peace,
<br />property, health, safety and welfare and for the further reason that
<br />the immediate issuance and sale of the bonds herein authorized is
<br />necessary to enable the City to retire the outstanding bond anticipa-
<br />tion notes at maturity and thereby preserve the City's credit;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds
<br />(hereinafter called the "Bonds") of the City of Lakewood in the princi-
<br />pal amount of $155,000 for the purpose of paying the property owners'
<br />portion, in anticipation of the levy and collection of special assess-
<br />ments, of the cost of improving the municipal easement described in
<br />Resolution No. 5674, duly adopted by the City Council on April 5, 1982,
<br />by constructing thereon a concrete breakwall with concrete modules,
<br />fill and end return. Said Bonds shall be issued in one lot and notes
<br />have been issued in anticipation of said Bonds.
<br />
<br /> Section 2. Said Bonds shall be dated September 1, 1983;
<br />shall be numbered from 1 upwards; shall be of the denomination of
<br />$1,000 or integral multiples thereof; and shall bear interest at the
<br />rate of twelve per centum (12%) per annum, payable semiannually on
<br />the first day of June and the first day of December of each year (the
<br />"Interest Payment Date"), beginning December 1, 1983, until the
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